The U.S. Department of Labor (DOL) has released a final rule which should make it easier for smaller businesses to provide retirement plans to their employees. According to the DOL, the rule will enable more small and midsize unrelated businesses…
Many employers prefer to classify workers as independent contractors to lower costs, even if it means having less control over a worker’s day-to-day activities. But the government is on the lookout for businesses that classify workers as independent contractors simply…
If you run your business from your home or perform certain functions at home that are related to your business, you might be able to claim a home office deduction against your business income on your 2018 income tax return.…
The Trump administration released its long-awaited overtime rules to update the overtime exemptions for so-called white-collar workers under the Fair Labor Standards Act. The rule increases the minimum weekly standard salary level for both regular workers and highly compensated employees…
Federal government employees aren’t the only ones shouldering an extra load during the federal government shutdown. Employers are taking on the burden of trying to keep track of Forms I-9 that need to be completed or updated despite no access…
As the year winds to a close, most businesses see employees taking a lot of vacation time. After all, it’s the holiday season, and workers want to enjoy it. Some businesses, however, find themselves particularly short-staffed in December because they…
If you’ve been around the business world in the last 20 years, the topic of mismatch notices may be familiar to you. A quick search on “Google” and you will find other instances when the Social Security Administration (SSA) announced…
We’re heading into the holiday season and many companies provide extra goodies to employees at this time of the year. Don’t forget that what seems like a gift may actually be considered compensation by the IRS. IRS Publication 15-B goes…
One of the biggest concerns for family business owners is succession planning — transferring ownership and control of the company to the next generation. Often, the best time tax-wise to start transferring ownership is long before the owner is ready…
The Tax Cuts and Jobs Act (TCJA) has been touted for cutting the corporate tax rate, but the law also contains some valuable goodies for smaller businesses that operate as pass-through entities, including partnerships, limited liability companies, S corporations and…